BTC price drops below $68K, causing Bitcoin to fail at crucial resistance flip.

Bitcoin (BTC) experienced a drop in price on May 28, disappointing bullish investors who were deceived by previous holiday price action. The BTC/USD 1-hour chart showed that Bitcoin reached a weekly high before falling below $68,000. The spike to $70,600 during the Memorial Day holiday did not involve institutional involvement, such as demand for spot Bitcoin exchange-traded funds (ETFs). However, the rally was short-lived as the market retraced all of its progress. This volatility coincided with the movement of $7 billion worth of BTC from wallets associated with the defunct exchange Mt. Gox. Traders noted that the recent pump was fully retraced, and liquidity concentrations around the spot price were highlighted. The nearest point of interest below the current price is around $67,000. The positive impact on market structure was evident through the removal of leverage, as all positions entered during the previous day’s move were flushed out. BTC’s price performance continues to depend on overcoming key resistance and flipping it to support. The greatest challenge is reaching and surpassing the 2021 all-time highs of $69,000 and the subsequent trip to $73,800. Despite the lack of upward momentum since March, BTC’s monthly timeframes show a consolidatory structure. Traders believe that Bitcoin has been inside a rising channel for the past 6.5 years and expect this to continue. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.